June 20, 2016 09:17 ET
Kinross Temporarily Suspends Mining and Processing Operations at the Tasiast Mine
TORONTO, ON--(Marketwired - June 20, 2016) - Kinross Gold (TSX: K) (NYSE: KGC)
announced today that mining and processing operations at its Tasiast
mine in Mauritania have been temporarily suspended. As a result of the
Mauritanian Ministry of Labor's decision on June 17, 2016 to prohibit
certain expatriate employees from working at site due to allegations of
invalid work permits, the Company could not continue to fully operate
the site in a safe and environmentally responsible manner.
The Company has taken all steps necessary to ensure that its work permits are in good standing and valid under Mauritanian law and to comply with the requisite formalities including the filing of all requests and applications in accordance with the stipulated timeframes. The Company understands that a number of other institutions and companies in Mauritania are presently experiencing similar work permit issues with the Ministry of Labor.
Discussions with the government of Mauritania to resolve the issue are ongoing. The Company does not expect this issue to affect development of the Tasiast Phase One expansion.
The Company continues to be committed to increasing the number of local workers who have the necessary skills and experience to work at Tasiast, which is consistent with Kinross practice at all its operations. Currently, approximately 88% of employees at Tasiast are Mauritanian nationals.
About Kinross Gold Corporation
Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. Our focus is on delivering value based on the core principles of operational excellence, balance sheet strength, disciplined growth and responsible mining. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
The Company has taken all steps necessary to ensure that its work permits are in good standing and valid under Mauritanian law and to comply with the requisite formalities including the filing of all requests and applications in accordance with the stipulated timeframes. The Company understands that a number of other institutions and companies in Mauritania are presently experiencing similar work permit issues with the Ministry of Labor.
Discussions with the government of Mauritania to resolve the issue are ongoing. The Company does not expect this issue to affect development of the Tasiast Phase One expansion.
The Company continues to be committed to increasing the number of local workers who have the necessary skills and experience to work at Tasiast, which is consistent with Kinross practice at all its operations. Currently, approximately 88% of employees at Tasiast are Mauritanian nationals.
About Kinross Gold Corporation
Kinross is a Canadian-based senior gold mining company with mines and projects in the United States, Brazil, Russia, Mauritania, Chile and Ghana. Our focus is on delivering value based on the core principles of operational excellence, balance sheet strength, disciplined growth and responsible mining. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
Contact Information
Media Contact:
Louie Diaz
Director, Corporate Communications
Phone: 416-369-6469
louie.diaz@kinross.com
Investor Relations Contact:
Tom Elliott
Senior Vice-President, Investor Relations and Corporate Development
Phone: 416-365-3390
tom.elliott@kinross.comwww.kinross.com
Louie Diaz
Director, Corporate Communications
Phone: 416-369-6469
louie.diaz@kinross.com
Investor Relations Contact:
Tom Elliott
Senior Vice-President, Investor Relations and Corporate Development
Phone: 416-365-3390
tom.elliott@kinross.comwww.kinross.com
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